ARA: Macq has Outperform on co with TP$1.90 after announcement of 30% stake in Hui Xian REIT’s mgr. The IPO is expected to have a mkt cap of $5.0b to $5.4b and offer a yield of 4.00-4.26%...
The mgr will receive a base fee of 0.3% p.a of property value and 3.0% of NPI from the REIT. House estimates income will raise FY12 forecasts by 2.9%. CIMB also maintains Outperform with TP$2.08 and raise EPS estimates by 3-5% as well. CIMB expects the closing of ADF II and possible bonus shares to be further catalysts.
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